January 16, 2021

The Spanish economy slows, according to the OECD

The Spanish economy slows, according to the OECD



The Spanish economy is slowing down, but better withstood the global trade turmoil that is affecting particularly Germany and Italy, according to the Organization for Economic Cooperation and Development (OECD).

"Spain resists better than we have seen with Germany or Italy"chief economist Laurence Boone told a press conference when presenting the interim OECD forecast report, which only includes data for the G20 countries, not Spain.

One of the graphics that Boone showed in his presentation, showed how the credit is falling in Spain even more than in Italy, while it grows in France and Germany, but it diminished its importance.

He attributed it to an anticipation of the consequences that global economic slowdown will have in terms of investments, since that will also translate into industrial production.

Boone insisted that despite the slowdown, the march of the Spanish economy "remains clearly positive and it is less affected than what is seen in Germany or in Italy. "

In this report, the OECD corrects strongly downward the forecasts for those two countries in 2019 and 2020 with respect to the figures announced at the end of November.

For Germany, it predicts a 0.7% rise in gross domestic product this year (nine tenths less) and 1.1% in 2020 (three tenths less). For Italy it even calculates that this year it will suffer a recession (-0.2%, 1.1 points less than anticipated three and a half months ago) and a slight rise of 0.5% next year (four tenths less).

In November, the organization expected Spanish GDP to rise 2.2% in 2019 and 1.9% in 2020.

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